Smart data analytics fintech Galytix secures investment
Galytix, an AI-based smart data analytics business which uses machine learning to intelligently ingest, curate and synthesise unstructured and structured data, has secured a post angel equity investment of an undisclosed amount to support its next phase of growth.
Galytix was founded in 2015. The firm serves global insurers and reinsurers in providing a front-to-back smart data analytics platform enabling smarter, faster and more informed decisions covering the data value chain, and is now looking to expand its offerings.
As with the existing investor base, the new investors bring valuable industry experience, and a number will hold non-executive or advisory roles. Massimo Arnoldi (founder and CEO of Lifeware) and Marc Nourse (former Big4 partner and head of strategy at IAG) have joined the board as non-executive directors, while Keith O’Donnell (ATOZ) and Ravi Venisetti (Chubb) have joined the advisory board to complement the deep expertise of existing investors.
The investment marks a significant step forward in the growth of the business and will be used to expand the team and fund ongoing product development into new market segments.
Given the company’s ambitious plans and scope for further growth, the investors recognise further equity may be required and are committed to continuing to support the Company at that next stage.
CEO Raj Abrol said: “Galytix has been strongly supported by its early investors who have brought their considerable experience to develop the company. We are delighted to welcome our new board members and investors who will help to propel the company to the next stage of growth. We thank our advisors PwC and Temple Bright.”
Galytix was advised on the deal by PwC Luxembourg and leading technology lawyers Temple Bright.
PwC Partner Matt Moran said: “Galytix has built a powerful smart-data offering spanning all aspects of the data value chain – from discovery, transformation, and curation through to deep insight and visualisation. This end-to-end holistic capability is invariably appreciated by companies in the financial services sector. We have supported Raj and the Galytix team over the past 12 months on various strategic assignments and are delighted that they have been successful in achieving this key milestone for the business. We are proud to continue this relationship and supporting them on their development journey.”
Temple Bright corporate partner James Vickerman said: “It was a pleasure to advise our longstanding client Galytix on this round of investment, which we expect to unlock the potential of this fast growing business over the coming months. It is a really exciting time for the company and we look forward to assisting with the next stage of development, under the leadership of an extremely dynamic and experienced team.”
This article appeared on the Financial IT website on 2 July 2020.